Word: funded
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Dates: during 1990-1999
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...people were talking about the danger created when government backing for private lenders encourages them to take bigger risks--in search of bigger rewards. That danger was demonstrated in dramatic fashion when the Federal Reserve had to engineer the rescue of Long Term Capital Management, a high-flying hedge fund that as recently as August controlled high-risk, global investments worth more than $120 billion--enough...
Such outrage was mingled with shock that a star-studded fund like Long Term Capital, whose seasoned investors had nearly doubled their money from 1994 to 1997, could have got so deeply in trouble. The fund was headed by legendary trader John Meriwether, who helped make Salomon Brothers the top bond house of the 1980s, as recounted in the best seller Liar's Poker by Michael Lewis. The partners, who worked out of waterfront offices in tony Greenwich, Conn., included Nobel-prizewinning economists Myron Scholes and Robert Merton and former Fed Vice Chairman David Mullins. As their price...
Star-struck lenders had virtually showered money on Meriwether and his band of supposed geniuses. While the term hedge refers to techniques for reducing risk, funds such as Meriwether's often do just the opposite by using vast sums of borrowed money to make highly speculative bets in global markets. At the peak of its borrowing, the secretive fund reportedly carried a debt load 100 times as great as its net assets, or ownership capital. This would be like putting down $1,000 of your own money to buy a $100,000 house--in a flood plain...
Firms including Goldman Sachs & Co. lent money to the hedge fund to aid in its recovery, and by doing so, they became 90-percent owners and are entitled to that percentage of the proceeds from its eventual sale...
...center cost the University $1.2 million, nearly half of which was contributed by one donor. How many calls would it take for our favorite fund-raiser to put together that kind of money? Better still, the University commissioned plans for the Katz Center just two years ago. And once the donations were in place, construction was completed in a remarkable two months. The only downside to the Katz Center is that Penn undergrads must pay $75 for a yearly membership. But that's not the point. The point: Where there's a will for a new gym, there...